Goldman Sachs CEO: The US will still receive substantial investment in data centers and computing capacity.

Tech giants need annual revenues of about $300 billion to break even, while the application layer needs to surpass $1 trillion in annual revenues.

Old data centers sit unused, while new ones keep being built nonstop.

On November 3, referendums in multiple US locations opposed the construction of new data centers, while tech giants like Microsoft saw their stock prices hit historic highs, adding nearly $1 trillion in combined market value. Meanwhile, Neocloud and transitioning mining companies experienced sharp stock declines. The market believes that higher regulatory thresholds have solidified the position of incumbents, reduced capital expenditures by major players have improved cash flow, and emerging cloud providers are facing financing difficulties.

[Important] Restrict new competition and slow capital expenditures; the market bets that the three major cloud providers are poised to consolidate their positions and improve free cash flow.